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Registration number: 14598815

Forefront Engineering Ltd

Unaudited Filleted Financial Statements

for the Period from 17 January 2023 to 30 November 2023

 

Forefront Engineering Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Forefront Engineering Ltd

Company Information

Directors

Sam Oliver Payne

Jack James Payne

Bridget Payne

David Payne

Hannah Payne

Registered office

Unit 7 Foundry Place
Old Tiffield Road
Towcester
NN12 6FP

Accountants

Veracitas Financial Consultants Ltd
8 Park View
Tickford Street
Newport Pagnell
Buckinghamshire
MK16 9AD

 

Forefront Engineering Ltd

(Registration number: 14598815)
Balance Sheet as at 30 November 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

4,442

Current assets

 

Debtors

5

20,457

Cash at bank and in hand

 

4,693

 

25,150

Creditors: Amounts falling due within one year

6

(1,440)

Net current assets

 

23,710

Total assets less current liabilities

 

28,152

Creditors: Amounts falling due after more than one year

6

(159,605)

Net liabilities

 

(131,453)

Capital and reserves

 

Retained earnings

(131,453)

Shareholders' deficit

 

(131,453)

For the financial period ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 December 2023 and signed on its behalf by:
 

.........................................
Sam Oliver Payne
Director

 

Forefront Engineering Ltd

(Registration number: 14598815)
Balance Sheet as at 30 November 2023

.........................................
Jack James Payne
Director

.........................................
Bridget Payne
Director

.........................................
David Payne
Director

.........................................
Hannah Payne
Director

 

Forefront Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 17 January 2023 to 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 7 Foundry Place
Old Tiffield Road
Towcester
NN12 6FP

These financial statements were authorised for issue by the Board on 20 December 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Forefront Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 17 January 2023 to 30 November 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5.

 

Forefront Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 17 January 2023 to 30 November 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

Additions

5,438

485

5,923

At 30 November 2023

5,438

485

5,923

Depreciation

Charge for the period

1,360

121

1,481

At 30 November 2023

1,360

121

1,481

Carrying amount

At 30 November 2023

4,078

364

4,442

5

Debtors

Current

2023
£

Trade debtors

18,101

Other debtors

2,356

 

20,457

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Accruals and deferred income

1,440

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

8

72,141

Other non-current financial liabilities

 

87,464

 

159,605

 

Forefront Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 17 January 2023 to 30 November 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary Class Shares of £1 each

100

100

     

8

Loans and borrowings

2023
£

Non-current loans and borrowings

Other borrowings

72,141